It’s been a year since the demise of the FTX exchange, and the event is now looking more and more like Bitcoin (BTC), which is up about 120% from a year ago.
In November 2022, the FTX crash wiped out nearly $300 billion in market value, affecting multiple cryptocurrencies. Among the most affected are tokens with deep financial ties to FTX, including Solana (SOL), Serum (SRM), and the exchange’s own token, FTX Token (FTT).
But a year later, the situation has improved not only for BTC, but also for most of the cryptocurrencies affected by the FTX collapse.
Here are the top gainers (top 30 by market capitalization) that will generate the most profits if purchased in November 2022.
Solana rises 660% from FTX crash trough
After FTX crashed, Solana’s price plummeted by more than 50% to $8. The main reason for the sell-off was that FTX and its sister company Alameda Research held approximately 55 million SOL, raising concerns about the sell-off to fill liquidity holes.
Still, if you had purchased SOL a year ago, your profit today would be over 660%.
Much of Solana’s rise stems from overall upward sentiment in the cryptocurrency market, driven primarily by hopes for a spot Bitcoin ETF to be approved in the United States. Meanwhile, the price of SOL has also benefited from fading concerns over a possible sell-off in FTX.
FTX has sold 6,986,554 $SOL Over the past few weeks, approximately $280.2 million worth Dollar.
They are not unlocked at all $SOL.
only $SOL Their exposure is locked in, mostly until 2027-2028, just in time to sell at the bottom of the next bear market.#solana It can only start UP. pic.twitter.com/Qu2z843oxS
— Curb◎ (@CryptoCurb) November 14, 2023
FTX token rival OKB rises 275%
OKB, the token of the OKX cryptocurrency exchange, was one of the coins least affected by the FTX fiasco. Additionally, it benefited significantly on price after its biggest competitor went bankrupt.
A year ago, investors would have made a 275% profit by buying OKB at the FTX-led $17.20 bottom today.
OKB’s price increase is a loss for Binance, while its token BNB (BNB) has significantly underperformed the market as the exchange faces legal pressure in the United States.
Over the past year, BNB has underperformed many of the top 30 cryptocurrencies, rising just 16% from bottom-ranked FTX.
chain link
After FTX crashed, Chainlink (LINK) fell as much as 40%. But its lower exposure to cryptocurrency exchanges, coupled with development updates, has led to a sharp price recovery since the incident.
It’s worth noting that if LINK had been purchased in November 2022 at $5.68, the profit today would have been over 180%.
Factors that have helped LINK’s price rise in recent months include the launch of new proof-of-reserve products, growing adoption and increased demand from professional investors, as shown by Grayscale’s Chainlink Trust trading at a 170% premium to LINK’s spot price That way.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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